GM’s October Sales In China Increase By 15 Percent
Thanks to the Chinese government’s decision to cut taxes on select smaller vehicles, General Motors was able to set a new sales record in China for the month of October.
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GM sold 327,037 automobiles in China during October, which was a 15% increase over October sales in the country a year ago.
China made the decision to cut the sales tax for vehicles with a 1.6-liter engine or smaller in half–to just 5%–on October 1st. Approximately 70% off all vehicles sold in China have a 1.6-liter or smaller engine.
Buick experienced a 42% October sales increase from a year ago, as it sold more than 100,000 retail units for the first time, which was led by sales of the Excelle GT and Envision SUV.
Cadillac’s October sales jumped 23% in China year-over-year for a total of 5,757 vehicles sold.
“GM is well positioned to capture the growth opportunities in the SUV, MPV and luxury segments, and our new products are gaining market share,” said Matt Tsien, GM Executive Vice President and GM China President. “The recently announced government incentive for vehicle purchases helped boost buying sentiment starting in October.”
GM and its joint ventures in China have enjoyed a sales increase of 2.9% through the first 10 months of 2015 for a total of 2,819,465 retail units sold.
News Source: Reuters